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2005 Mid Year Examination

Name____________________________Class (Circle): WT JS HN PN JA RS

Newington College

2005Mid Year Examinations

Commerce

Year 10

General Instructions

Reading time 5 minutes

Working time 2 Hours

Write using black or blue pen

Board approved calculators may beused

Write your name and classwhere

indicated

Do not remove this paper fromthe examination room

Part A20 marks Multiple Choice

Attempt Questions 1-20

Part B20 marks Short Answer

Attempt Questions 21-23

Part C20 marks - Essay

Attempt Question 24

Part D20 marks Writing tasks

Attempt Questions 25 and 26

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2005 Year 10 Commerce Mid Year Examination

Blank Page

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Part AComplete on the answer sheet provided

1. Qualifications gained at university and at TAFE are recognised as partof which framework?

A The Australian Education FrameworkB The Australian Qualifications FrameworkC The Department of Education FrameworkD The CV Framework

2. What qualifications can be gained at TAFE?

A Bachelors DegreeB School CertificateC DiplomaD Masters Degree

3. Which level of government in Australia funds universities?

A FederalB StateC Local

D Both A & B

4. Which of the following is not an example of financial assistanceoffered to students?

A Youth allowanceB AustudyC HECSD Abstudy

5. What word or term is used to describe criteria that someone needs

before he or she can commence a course?

A. PrerequisiteB. PrecourseC PreschoolD Precommence

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6. PAYG stands for which of the following options?

A. Pay As You Get it.B. Pay As You Earn.

C. Pay As You Go.D. None of the above.

7. A group certificate shows which of the following information?

A Income earned for the period of your employment.B Taxation paid by you to the Australian Tax OfficeC Your personal details and Tax File NumberD All of the above

8. Who pays GST?

A. By people who earn more than $6000 in a yearB. By people who spend more than $999 each year.C. By people over the age of 18.D. By people who buy goods and services.

9. What do allowable deductions enable you to do?

A. Reduce your gross taxable income.B. Reduce you net taxable income.C. Increase your weekly gross income.D. Increase your weekly net income.

10. Which of the following equations would you use to calculate yourtaxable income?

A. Gross income Net incomeB. Total income - Allowable DeductionsC. Total income + Total Tax PaidD. Total income + Deductions

11. What is the name of the lower house in the Federal Parliament?

A The Legislative AssemblyB The SenateC The House of RepresentativesD The Legislative Council

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12. Which level of government is responsible for the collection of stampduty?

A Federal GovernmentB State Government

C Local GovernmentD Referendum

13. What is the name given to the person who maintains order in TheHouse Of Representatives?

A Governor- GeneralB PresidentC SpeakerD Serjeant-at-arms

14. Which of the following is also known as the Upper House in the NSWParliament?

A The Legislative AssemblyB The SenateC The Back BenchD The Legislative Council

15. Before a bill can become law in the Federal Parliament, who mustgive it royal assent?

A The Prime MinisterB The PresidentC The CabinetD The Governor-General

16. Which of the following statements is true?

A The UAI is a mark out of 100 that gives a measure of overall academicachievement.

B The UAI is used by the Government in selecting who should receivefinancial assistance for tertiary study.

C One of the disadvantages of the UAI is that it does not allowUniversities to compare students from within NSW.

D The UAI is a rank which measures overall academic achievement inthe HSC.

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17. Which of the following is a disadvantage of being involved with theNew Apprenticeship program?

A The rates of pay for new apprenticesB The vocational nature of the training

C The fact that you work in the field of expertise that you are learningD The learning is both theory-based and practical

18. Which of the following is a disadvantage of Private Colleges?

A The rigorous academic entry requirementsB The vocational nature of the training providedC The specificity of training to a particular industryD The payment of fees upfront

19. The acronym TAFE stands for which of the following?

A Transient and Financial EducationB Technical and Fiscal EducationC Technical and Further EducationD Training and Further Education

20 As of July 2005, which political party will hold the balance of power inthe Senate?

A The Liberal Party of AustraliaB The National PartyC The Australian Labor PartyD The Greens

End of Part A(we hoped you enjoyed it)

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Name________________________

Teacher (Circle):WT JS HN PN JA RS

Part B

Question 21

Refer to the following table:

Tax rates 2001-03 and 2002-04

Taxable income Tax on this income

$0 $6,000 Nil

$6,001 $20,000 17c for each $1 over $6,000

$20,001 - $50,000 $2,380 plus 30c for each $1 over $20,000

$50,001 $60,000 $11,380 plus 42c for each $1 over $50,000

Over $60,000 $15,580 plus 47c for each $1 over $60,000

(a) What is a tax bracket . ( 1 mark)_____________________________________________________________

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(b) What is the marginal tax rate for a person earning $82,500?(1 mark)

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(c) Calculate the tax payable on $52,478. Show all working (3 marks)

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Name____________________________

Class (Circle):WT JS HN PN JA RS

Question 23 ( 5 Marks)

Refer to the table below and answer the questions which follow.First Preference Votes for New South Wales

Votes Counted: 94.70% Enrolment: 4,329,115

Party Votes Percentage % Swing %

Australian Labor Party 1,412,418 36.70 +0.25

Liberal 1,391,511 36.16 +2.58

The Nationals 353,670 9.19 -0.03

One Nation 53,881 1.40 -3.37

The Greens 311,369 8.09 +3.34

Democrats 41,072 1.07 -3.17

CDP Christian Party 47,132 1.22 +0.00

Save the ADI Site Party 3,490 0.09 -0.07

Citizens Electoral Council 11,500 0.30 +0.15

No GST 7,229 0.19 +0.06

Progressive Labour Party 3,775 0.10 -0.02

Lower Excise Fuel and Beer Party 2,007 0.05 -0.03

Non-Custodial Parents Party 1,132 0.03 +0.01

The Fishing Party 2,516 0.07 +0.05

Ex-Service, Service & Veterans Party 3,108 0.08 +0.08

Family First 29,621 0.77 +0.77

liberals for forests 8,165 0.21 +0.21

New Country Party 2,824 0.07 +0.07

Nuclear Disarmament Party 341 0.01 +0.01

Outdoor Recreation Party 3,505 0.09 +0.09

Socialist Alliance 4,415 0.11 +0.11

Independent 151,436 3.93 +0.04

Non Affiliated 2,577 0.07 -0.10

.... 0 0.00 -1.03

FORMAL 3,848,694 93.88 -0.70

INFORMAL 250,807 6.12 +0.70

TOTAL 4,099,501 94.70 -0.04

Source: www.aec.gov.au

Name____________________________


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http://www.aec.gov.au/http://www.aec.gov.au/http://www.aec.gov.au/

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Question 22 (cont)

(a) According to the table, which party achieved the greatest swing in their favourin the 2004 election relative to their previous election result? (1 Mark)

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(b) The table mentions that there were 250 807 informal votes. Describe what aninformal vote is. (1 mark)

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(c) There is no mention of a donkey vote on the table. Describe what a donkey

vote is. (1 mark)

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(d) Why is there no mention of donkey votes on this table? (1 mark)

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(e) Outline two situations when a by-election would occur? (2 marks)

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Name____________________________


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(f) Explain the differences between a preferential voting system and a first pastthe post voting system. (4 marks)

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Question 23( 5 Marks)

Read the following extract from the S.M.H on May 13th, 2005 and answer thequestions which follow.

The Labor leader, Kim Beazley, has played Robin Hood, proposing an alternative to theFederal Government's budget tax changes which would double tax cuts for low andmiddle income earners and dramatically reduce gains for the rich.

The wealthy would lose up to $25 a week in tax reductions while low and averageincome earners would have their $6 tax cuts lifted to up to $15.46, under the Labor planannounced last night.

The Opposition Leader's proposal includes a welfare-to-work tax "bonus", lifting the tax-free threshold from $6000 a year to $10,000 for people earning up to $20,000. Thiswould be worth $13 a week or $680 a year when fully implemented in 2008.

Those on $125,000 who stood to gain $65 a week would have their weekly tax breakshrunk to $40.

The Treasurer, Peter Costello, yesterday introduced the tax legislation, warning that anyLabor bid to block it in the Senate "could only be designed to keep from people the taxcut which they deserve on July 1".

"They are demonstrating that they stand for higher taxes by trying to delay this bill," hesaid.

Labor costs its tax pledge at $24.1billion over four years from next January, up by about$2billion on the Government package. Labor would finance the extra cost by blocking theremoval of the superannuation surcharge, a saving of $2.5billion.

Labor is also proposing to divert income generated by the promised Future Fund tofinance infrastructure and productive investment, instead of public sector superannuationas pledged by the Government. The fund is estimated to be worth $140billion by 2020.

The shadow treasurer, Wayne Swan, last night signalled Labor was not prepared tocompromise with the Government on the tax cuts, saying: "We are voting for our packagein the Senate."

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Name____________________________


(a) Who introduced the new tax legislation? (1 mark)________________________________________________________________

(b) What is meant by the suggestion that Kim Beazley is playing Robin Hood

(1 mark)

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(c) How will Labor finance the extra cost of its tax pledge? (1 mark)

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(d) Discuss how the Labor opposition could block the proposed tax legislation in

the Senate. (2 marks)

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End of Part B(we hoped you enjoyed it)

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Part C(20 marks)

Complete this essay question on a new piece of paper

In your answer you will be assessed on how well you:

Demonstrate your knowledge and understanding

Integrate the stimulus material in the response

Use appropriate terminology and write in essay format

Question 24

With reference to the following pictures and using your knowledge of Commerce,

answer the question below.

What is a government? Describe how the people living in Australia are governed.Outline the responsibilities of the different levels of government in Australia.

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Part D20 marks

In your answer you will be assessed on how well you:

Demonstrate your knowledge and understanding Use commercial terminology appropriately

Present a response in a clear format

Complete both Question 25 and Question 26 on a new piece of paper

Question 25 (10 marks)

Write a report to a new employee who has recently migrated to this country thatdescribes how the Australian Personal Income Tax System works.

(Describe: Provide characteristics and features)

and

Question 26 (10 marks)

Write a report that describes the Job Seeking Process, including a brief overviewof research and curriculum vitae and a detailed description of good interviewskills.

(Describe: Provide characteristics and features)

End of Examination

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Name__________________________Class (Circle): RS WT JS HN PN JA

Multiple Choice Answer Sheet

Question1 A B C D2 A B C D3 A B C D

4 A B C D5 A B C D6 A B C D7 A B C D8 A B C D9 A B C D10 A B C D

11 A B C D12 A B C D13 A B C D14 A B C D15 A B C D16 A B C D17 A B C D18 A B C D19 A B C D20 A B C D

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What is a government? Describe how the people living in Australia are governed.

Outline the responsibilities of the different levels of government in Australia.

Mark

RangeCriteria

17-20

Integrates commerce terms and vocabulary throughout the response Uses a logical and clearly structured essay style. Includes both an introduction and a conclusion Describes in detail the role of governments and the structure of Australias federal

system, including the role of the houses of parliament. Demonstrates a precise and extensive knowledge of the responsibilities of the three

levels of government. Uses current examples to assist in explaining ideas and concepts.

13-16

Consistently uses commerce terms and vocabulary Uses a clear essay style. Accurately describes the role of governments and the structure of Australias federal

system of government. Identifies a wide range of the responsibilities of the three levels of government. Uses some current examples to assist in explaining ideas and concepts.

9-12

Consistently some commerce terms and vocabulary Response has some characteristics of an essay. Describes, in general, the role of governments and shows some understanding of the

structure of Australias federal system of government. Identifies a number of the responsibilities of the three levels of government. May use some current examples to assist in explaining ideas and concepts.

5-8

Limited use of commerce terms Response has an inconsistent structure. Describes the role of government in Australia in brief or inaccurate terms Identifies more than one of the responsibilities of the government. Little use of real examples.

1-4 No use of commercial terms and vocabulary Response has little structure. Demonstrates little knowledge of the role of government or its responsibilities.

Candidate: Mark: Marker:...

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Write a report to a new employee who has recently migrated to this country that

describes how the Australian Personal Income Tax System works.

Mark

RangeCriteria

9-10

Integrates commerce terms and vocabulary throughout the response Uses a logical and clearly structured style. Includes both an introduction and a conclusion Describes in detail:

- how the tax system is progressive- how tax scales operate- the role of allowable deductions- how tax payable is calculated

Consistently uses examples to assist in explaining ideas and concepts.

7-8

Consistently uses commerce terms and vocabulary throughout the response Uses a clearly structured style. Accurately describes issues such as:

- how the tax system is progressive- how tax scales operate- the role of allowable deductions- how tax payable is calculated

Uses examples to assist in explaining ideas and concepts.

5-6

Uses some commerce terms and vocabulary throughout the response Uses a simple structure. Generally describes more than one issue to do with the income tax system. Uses examples to assist in explaining ideas and concepts

3-4

Limited use of commerce terms Response has an inconsistent structure. Inaccurate or brief descriptions of the tax system Little use of examples.

1-2

No use of commercial terms and vocabulary Response has little structure. Demonstrates little knowledge of the tax system.

Candidate: Mark: Marker:...

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18

Write a report that describes the Job Seeking Process, including a brief overview of

research and curriculum vitae and a detailed description of good interview skills

Mark

RangeCriteria

9-10

Integrates commerce terms and vocabulary throughout the response Uses a logical and clearly structured style. Includes both an introduction and a conclusion Accurately outlines issues such as:

- locations of job vacancies- structure of an application letter- contents of a CV

Describes in detail the skills needed to succeed in a job interview Consistently uses examples to assist in explaining ideas and concepts.

7-8

Consistently uses commerce terms and vocabulary throughout the response Uses a clearly structured style. Outlines issues such as:

- locations of job vacancies- structure of an application letter

- contents of a CV Accurately describes the skills needed to succeed in a job interview Uses examples to assist in explaining ideas and concepts.

5-6

Uses some commerce terms and vocabulary throughout the response Uses a simple structure. Outlines more than one stage in job seeking: Outlines some of the skills needed to succeed in a job interview May use examples to assist in explaining ideas and concepts

3-4

Limited use of commerce terms Response has an inconsistent structure. Identifies more than one stage in job seeking: Identifies more than one skills needed to succeed in a job interview. Little or no use of examples.

1-2 No use of commercial terms and vocabulary Response has little structure. Demonstrates little knowledge of the job seeking..

Candidate: Mark: Marker:.

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